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AEW Europe buys U.K. retail property for £290m

by Andrea Waitrovich

AEW Europe has acquired the 1.1 million-square-foot Festival Place in Basingstoke, England, for £290 million ($446.6 million). The seller is TIAA-CREF, which paid £280 million ($444.2 million) in 2012.

The shopping center was redeveloped by Grosvenor in 2002 and has approximately 175 shops and 2,770 parking spaces. It is the dominant retail property in Hampshire and is anchored by Debenhams, Marks & Spencer, and a 10-screen Vue Cinema. Other retailers include Apple, Zara, H&M, Next, River Island, Superdry, Top Shop/Top Man, and BHS.

The sale follows TIAA-CREF’s $307 million acquisition of the Airbnb headquarters in San Francisco.